Posted on May 19, 2014
New Hampshire is no stranger to winter storms. The state gets its fair share of rain, sleet, ice and snow each winter season, but for the last year, residents have been bombarded with heavy snows and power outages that arrive earlier than expected for winter time.
This past October Governor John Lynch declared a state emergency in order to obtain federal funds to assist with 315,000 homes and businesses with power outages due to more than 2½ feet of quickly falling snow. Indeed, the unexpected storm was declared the 3rd worst winter storm in New Hampshire history.
Businesses can protect themselves from these types of conditions by making sure the appropriate commercial property insurance is in place to cover events such as snow storms, hail, ice, rain and even power outages.
During catastrophic snow conditions, many residents and businesses experience damage from snow breaking through roofs or falling from tree limbs, and those companies that rely on power for refrigeration like restaurants and food distributors, often experience food spoilage that can total large sums of money. Fortunately, business property insurance can protect from property damage and food spoilage so that companies do not experience financial devastation along with the property destruction.
When storms like these happen, many businesses must close for a number of days while the weather is inclement and then if property is damaged, they must remain closed until repairs can be completed. Business closure can also bring financial issues due to the lack of sales and income. Even though expenses continue to come in, without the ability to run the business a company can enter even more financial hardship. That is where business interruption insurance coverage can help. As part of a commercial property package, business interruption coverage will help to pay business expenses while the company building is closed for repairs. This insurance provides a safety net for business income while the commercial property portion pays for building repairs and property replacement.
New Hampshire business owners should also review their commercial insurance coverage to ensure that the appropriate policy limits are available. There needs to be enough to cover replacing not just the building but also any business personal property such as furniture, computers, equipment and inventory. With the right business insurance protection, business owners can weather any storm with security and peace of mind.